Katherine invests $7,770 in a six-month money market account giving 5.8% simple annual interest and $12,500 in a three-year cd giving 7.25% simple annual interest. assuming that katherine does not reinvest or renew these investments, how much money will she have when both investments reach maturity, to the nearest dollar?

$23,214

Step-by-step explanation:

Simple interest = principal× rate × time or PRT/100 when rate is in percentage.

The total amount that will be earned at the end of each investment is given by

T = P(1 + (t × r/100))

Where T = total earning on investment P = principal, t= time in years, r = rate percentage

Given for investment 1; P = $7770, t = 6 month = 0.5years, rate = 5.8%

For investment 2 ; P = $12500 , t = 3years ,rate = 7.25%

For both investment:

T = 7770(1 + ( 0.5 × 5.8/100)) + 12500(1 + (3 × 7.25/100))

T = 7770(1.029) + 12500(1.2175)

T = $23,214.08

T = $23,214 (to the nearest dollar)

step-by-step explanation:

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